Last checked at 16 Oct 2014 07:00
SPEEDY HIRE Plc
("Speedy" or "the Group")
Trading Update
Speedy, the UK's leading equipment and plant hire company, operating across the construction, infrastructure and industrial markets, is today issuing a trading update ahead of its interim results for the six months ended 30 September 2014 which will be announced on 11 November 2014.
Trading update
The first half saw a good overall start to the year.
Activity levels in the UK & Ireland were significantly higher than in the comparable period in 2013 with revenues for the first half expected to be up by approximately 11% year-on-year reflecting continued growth of the business, which is underpinned by a strong performance from Partnered Services. A number of contracts were won during the period and levels of contract bidding remain high.
In the International Division, revenues were up by approximately 31%* year-on-year. The remedial actions implemented in the Middle East by the new management team are having a positive effect on the business albeit the flow through to profitability is taking longer than expected.
Following the strong performance in the UK & Ireland, which has continued into the beginning of the second half of the year, Speedy is on track to deliver a result for the full year in line with the Board's expectations.
Interim Results
Speedy will announce interim results for the six months ended 30 September 2014 on 11 November 2014. There will be a presentation to analysts at 09:30 that morning at the offices of Instinctif Partners, 65 Gresham Street, London EC2V 7NQ.
16 October 2014
* after restatement of prior year International Division revenues
Enquiries:
Speedy Hire Tel: 01942 720000
Mark Rogerson, Chief Executive
John Fahey, Director of Communications
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
Helen Tarbet
Notes to Editors:
Founded in 1977, Speedy is the UK's leading provider of tools, equipment and plant hire, and support services to a wide range of clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors - as well as to local trade and industry. The Group provides complementary support services through the provision of training, asset management and testing, repair, inspection and maintenance (TRIM). Speedy is accredited nationally to ISO9001, ISO14001 and OHSAS18001. Operating from 244 fixed sites across the UK and Ireland - together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international hub based in the Middle East.